Qatar’s fiscal position (which is now in a surplus) is also strengthening, because of an increase in oil and gas revenue, although spending on subsidies and wages will remain a “constraint on the rating”.

“2018 has been very different from 2008 or 2000,” says Chief Investment Officer Yves Bonzon in his video outlook. Instead, he draws parallels with the situation in 1987, when markets recovered rapidly after a sudden correction.